New-York tribune., 1887-04-26
CRITICISING THE BUDGET.
nNsLAUGHrs BY Mr.. GLADSTONE AND LORD
RANDOLPH CHURCHILL.
MR. GosCHEy FIRMLY MEEIs THE ATTACK OF THE
GREAT VETERAN OF FINANCIAL ORTHODOXY
AND THE LATEST BRILLIANT RECRUIT

AND THE LATEST BRILLIANT RECRUIT
OF THE FINANCIAL CORPS.
Ioxnoy. Aoril 25.-The House of Commons went
into Committee on the Budget this evening MI
Gladstone conteuded that tho main proposals were
at yariauce with sound financial principles. IN
stead of being the humdrum budget wh'ch MI
Goschen promised. il was one to be remembered III
the future for good or for evil IL there was any
thing good in it the UniOnists would have the
credit. and upon them would rest the responsible
ity for whatever was Objectionable. Among the
proposals of the budget was one to change stamp
doties which would facilitate business upon local
loans He would meantime give no unfavorable
opnion except to say that the concurrent creation
of new percent stock would be great disadvan-
tage.
Regarding the tobacco duties it was easier to re-
duce the duty than to get rid Of it. The manufact-
urer of tobacco would certainly be benefited, but
the reduction wotld never reach the consumer.
Regarding the income tax. the reduction OF penny
per pound would doubtless be peculiar boon Al
the same time the proposal was against SOUND H.
naucial principles, because such reduc'ioh
should arise from rigid system of public economy
not at the expepse of the sinking fund The House
had been asked to reduce the fund from $50 OOOOOO
to $25, 100000
Serious reflection could not warrant q proceed
ing so opposed to the traditions contrary to the
interests of the British nation. 1t was the hrst
time that a proposal of this nature had been mauo
in the history of the country, and II was maoe
when the country was becoming richer than ever
,pfore He believed that the country was AIDING
about $500 900 900 yearly to its savings, yet they
we're asked to shrink from the very moderate ehort
hat had hitherto been made to provide sinking
und in pursuance of a wise, broad policy, that was
supported by all financial authority. lie hoped
Mr.. Goschen would not reply at once. but give the
House chance of hearing his impartial Judgment
npon the matter apart from political or party Is
sues lCheersl
Mr. Goschen said he would reply later IL MI
Gladstone were present.
Lord Randolph Churchill praised the . weighty
remarks" of Mr.. Gladstone. Speaking as true
friend of the Government he must condemn the
policy of making grants in aid of local taxation
Did Mr.. Goschen think that these grauts were
compatible with national . naS he cenld add
nothing TO what had been said 6y MT oIaustone,
in whose general criticisms of the budget ne i9iy
eoncprred He quoted from speecnMss &c M SGe sdsiones &
financial policy. He declared that Mr. Goschens
budget quashed all his hopes of PUBLIC economy.
the army. He trusted that Mr.. Goschen would
assent to reconsideration OF his proposals amehu-
ing them on the basis of wiser finance
Mr.. Goschen said he felt that the onslaught MADE
upon him by the great veteran of financial ortho-
aoxy and the latest brilliant recruit OF the man
ca corps required prompt reply First,
as to local loans, ne pils promised 10 10
new stock for loans With reference to tie tobacco
dutics. he defended the reduction of the duty
on the ground that the increase had not answered
expectations, having checked consumption while
il failed 10 biins the anticipated revenue. he was
confident that in few years the loss arising IRON
the current years reduction would be recovered.
Mr.. Gladstone had attacked the proposals to reduce
the income tax and to suspend portion OF the
sinking fund as against recognized principles OF
finance He Goschenl could see no force IN thls
general charge In taking penny OIL the income
fax the Goyernment would benefit a class. upon
whom there was much pecuniary pressure. lie ad-
bered to all his former views as 10 the desirapluty
of reducing the national debt, but he contendea
that his present proposals to relieve taxpayers ana
maintain the strength of the army and navy were
more real economies than those suggested By MS
Mr. Cremer RADICAL asked Mr.. Goschen II ne
knew that the reduction of the duty on tobacco
would throw out of employment several thousand
men engaged In the tobacco trade In LONDON.
Mr. Goschen replied that he had arranged TO con-
fer on that subject with delegates from the work
men themselves.